INDICES TRADE LOWER; PSU BANK SHARES WITNESS PROFIT BOOKING

The key equity indices continued to trade with tiny losses in mid-morning trade. The Nifty traded below the 25,300 level. PSU Bank shares fell after advancing for the three consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex fell 77.28 points or 0.09% to 82,481.76. The Nifty 50 index shed 22 points or 0.09% to 25,256.70.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.24% and the S&P BSE Small-Cap index gained 0.62%.

The market breadth was strong. On the BSE, 2,038 shares rose and 1,721 shares fell. A total of 126 shares were unchanged.

IPO Update :

The initial public offer (IPO) of Baazar Style Retail received 9,96,64,424 bids for shares as against 1,50,30,116 shares on offer, according to stock exchange data at 11:20 IST on Tuesday (2 September 2024). The issue was subscribed 6.63 times.

The issue opened for bidding on 30 August 2024 and it will close on 3 September 2024. The price band of the IPO was fixed between Rs 370 to 389 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.

The initial public offer (IPO) of Gala Precision Engineering received 4,17,71,296 bids for shares as against 22,23,830 shares on offer, according to stock exchange data at 11:20 IST on Tuesday (2 September 2024). The issue was subscribed 18.78 times.

The issue opened for bidding on Monday (2 September 2024) and it will close on Wednesday (4 September 2024). The price band of the IPO is fixed between Rs 503 to Rs 529 per share. An investor can bid for a minimum of 28 equity shares and in multiples thereof.

Buzzing Index :

The Nifty PSU Bank index fell 0.40% to 6,993.15. The index added 0.61% in the past three consecutive trading sessions.

Canara Bank (down 0.95%), State Bank of India (down 0.44%), Punjab & Sind Bank (down 0.42%), Punjab National Bank (down 0.39%), Bank of Baroda (down 0.3%), Indian Overseas Bank (down 0.23%), Indian Bank (down 0.19%), UCO Bank (down 0.1%), Bank of Maharashtra (down 0.1%) and Central Bank of India (down 0.05%) declined.

Stocks in Spotlight :

Hindustan Aeronautics (HAL) gained 3.11% after the Cabinet Committee on Security (CCS) approved the proposal for procurement of 240 aero-engines for Su-30 MKI aircraft of the Indian Air Force (IAF) at a cost of over Rs 26,000 crore.

Gensol Engineering fell 0.19%. The company in collaboration with Matrix Gas & Renewables, has emerged as the lowest bidder for EPC for developing India�s first Bio-Hydrogen project for India�s leading power generation company.

Global Markets :

Asian stocks traded lower on Tuesday, led by Japanese equities, while the yen steadied after weakening against the dollar over the past week.

South Korea�s headline inflation eased to 2% in August from 2.6% in July, its lowest level on a year-on-year basis since March 2021.

Traders in Asia will be keeping a close eye on fresh signs of economic troubles in China. Data on Saturday showed Chinese factory activity had contracted for a fourth straight month in August, the latest signal that the world�s second-largest economy may struggle to meet this year�s growth target.

Wall Street will reopen later Tuesday, following the Labor Day public holiday.

Powered by Capital Market - Live News